Continental Resources To Be Bought Out For $74.28/shr; Stock Up In Pre-Market

(RTTNews) - Continental Resources, Inc. (CLR), an oil and gas company, said on Monday that it has inked a definitive deal with Omega Acquisition, Inc., through which Omega will commence a tender offer to buy out Continental involving 58 million shares at $74.28 per share.

Omega is an Oklahoma corporation, an entity owned by Continental's founder, Harold G. Hamm, who currently serves as Chairman of Continental's Board. He and his family collectively own around 83 percent of Continental.

The offer price represents a 15 percent premium to the closing price of $64.50 per Continental share as of June 13.

Transaction, to be completed prior to December 31, will be financed by using a blend of the acquirer's cash in hand, borrowings under its existing revolving credit, and a new term loan facilities. CLR is trading up by 8.18 percent at $73.80 per share in pre-market on the New York Stock Exchange.